Need Help

niclj

Thanks for your comments Tixy.

A second job would be quite difficult for a number of reasons. I'm an accountant and have to be very careful about taking on freelance work - don't want to upset the boss! I have just taken on a small bookkeeping job which pays £40 - £50 per month.

There is no opportunity for overtime at work apart from in January. Last January I did 30 hours which I took as additional holiday. This coming January I will be taking the overtime in money!

I was diagnosed with chronic fatigue syndrome around 2 years ago. I struggle putting in the 40 hours a week for my main job and dealing with my family responsibilities so I think taking on another job would really impact on that.

Joining this forum has probably been one of the best decisions I have made so far!

GeorgeUK

Have you had a look at your credit file?
Is there anything on there that may stop you getting more credit?
Are you listed as being on the electoral roll at your address?

Are you at the limits on all your cards?

I think getting a few 0% or low interest for life of balance cards may be your best option. You would need to be careful to look at the minimum monthly payments though. Hopefully if you can clear one of the cards like RBS, you will be able to get another LOB offer from them once you get a nil balance statement through.

Tixy

niclj wrote: »

I'm an accountant and have to be very careful about taking on freelance work - don't want to upset the boss! I have just taken on a small bookkeeping job which pays £40 - £50 per month.

Somehow thought you might be an accountant - at our place we are allowed to do other work but we have to declare it and obviously can't steal the jobs from work! I only do a couple of outside jobs (one of which is family and I don't get paid for!). Do you get paid a referral fee if you bring in new clients? A percentage of the first years fee or something? If so keep this in mind and always keep business cards on you, whenever you get the opportunity hand them out - or maybe see if their is a local business network or business breakfast club your work would pay for you to join.

There is no opportunity for overtime at work apart from in January. Last January I did 30 hours which I took as additional holiday. This coming January I will be taking the overtime in money!

Ugh Tax returns and time pressure! so glad I don't get involved in these.

I was diagnosed with chronic fatigue syndrome around 2 years ago. I struggle putting in the 40 hours a week for my main job and dealing with my family responsibilities so I think taking on another job would really impact on that.

Definatley makes sense then, we'll have to think of other ways for you to balance better. You might want to start batch cooking some meals at the weekend and freezing them so that you can prepare a quick meal in the evening without resorting to ready meals or takeaways. Take a look at the old style board for loads of tips on this. If you are not a great cook they really will help take you through from quite a basic level!

Joining this forum has probably been one of the best decisions I have made so far!

Good!

I don't know about you but I think being an accountant makes it much harder to admit to being in debt and struggling financially, 1 because everyone assumes you must be really good with money and 2 people assume you earn really good money. My problem is that I still have debts from whilst I was training and not earning good money (and of course these aren't really low student loans but are normal commercial rates). Once I qualified and suddenly started earning good money everyone assumed I had plenty of ready cash available (to be fair I also assumed I had:rolleyes:). I also think I became a bit numb to money from looking at large figures each day, constantly seeing figures in the 000s and millions made me lose touch with things like the price of a pint of milk!

Good luck and do get yourself addicted to this site (not too much in work time though!) Just reading the posts and people's ideas for cutting back is really useful. I particularly like picking up tips from the make £10 a day thread - I haven't ever done the challenge myself but like to see what other people are up to.

Tixy

misspoppy

Hi

I think that a lodger would be a really good route for you, I had one some years ago and it was no real hassel. The trick is to put the word out you are looking for a lodger do you have a work notice board or let friends know as word of mouth is a great way of finding someone. Gum tree is free to advertise on.

Make sure you are on a water meter its much much cheaper for single people and couples, we only pay £8.50 p/m and we have a dishwasher and never think about the water we are using, if they suggest it will be more ignore them and say you want it fitted regardless. Each quater read the meter as they will set the DD too high, but you should do this for your gas and electric too, and if its estimated give them an actual reading.

I think some of the problem you have is that you don't get round to the house hold admin that would save you money, always use a comparison site for insurance, I also use https://www.quidco.co.uk and get cash back, my contents insurance is virtually free with the cashback deals. spending half an hour on this can save you loads.

niclj

I think because I spend all day looking at other people's bank statements and helping them deal with their own financial problems the last thing I want to do when I get home is deal with my own finances! I think people would be surprised by the number of accountants who are terrible at dealing with their own finances.
Usually just want a glass of wine and some crap TV!
We don't get any kind of referral fees. My boss doesn't even reimburse me my business mileage! I claim it via my tax return.
I do a couple of small jobs but I don't get paid for them. One is for a handyman. Instead of paying me he does odd jobs around the house.
I work with a good friend and whilst I haven't told her of my debt problems, I have said I'm going on an economy drive. She's really excited and has decided she is going to do a budget herself even though she doesn't have any debts problems.
Going to keep a daily diary of my spending and get into the habit of not making unneccasry purchases. Newspaper and buying lunch immediately cut out.

I have a message to call Payplan this eveing so hopefully they will be able to give me some advice too.

dancingfairy

Hi. I read your first post and wanted to comment - somehow you really need to try and get your budget to balance. I don't think a IVA or even a dmp would be suitable for you because of your job - being an accountant anything like a dmp etc could prevent you from being an accountant or working in finance so you need to be wary.
You've had some good tips so far and hopefully you can get that budget to balance for you.
Oh and if you owe HMRC you probably ought to prioritise their repayments as soons as possible as they have a lot of teeth (depends on your other priorities though ie you need to keep the roof over your head and keep yourself fed and clothed).
You need to save/earn an extra 400 odd pounds a month according to your SOA - have you looked into consolidation? not normally recommended but if you can get a decent unsecured loan it might help with the interest etc but you would have to be very careful and check the figures carefully.
df

niclj

Strangely good day. Had to put some diesel in the car but other than that I didn't spend a thing! Took lunch in instead of buying it.

Currently cooking some stuff for more lunches and evening meals.

Still not entirely sure how to tackle the debt mountain but feel good that I have finally faced up to it. Also feel positive about sticking to a budget .

Have even found a few things to sell on ebay. Wondering why I have kept a leather motorbike jacket given to me by an ex-boyfriend. Will be putting that on ebay at the weekend.

doodledo_2

Evening, have just read through your posts and have no real advice to offer other than what people have already suggested.

Well done for taking your lunch in, I too used to spend quite a bit at lunch time and have converted to a packed lunch. Its nice as some days I don't even open my purse.

Good luck with your journey.

niclj

I have had contact with both Pay Plan and CCCS to get some advice as to my options.

Both sound very nice on the phone and have said that they will be able to help.

Does anyone have any experience of either of them and which one would be better to go with?

Thanks

Tixy

Both are recommended on here and users of both report mostly good experiences. I have recently heard of a small number who are not so happy with Payplan (thats may just their individual cases though). CCCS also have advisors who post on this board (on the sticky thread right at the very top) so that can be useful to ask for general advice if you decide to go with them.

Both are busy and so you may have to wait a shortwhile to have a proper telephone interview with either of them.


One other point when you speak to them you need to make them aware of your profession because as df says above an IVA or bankruptcy would not be suitable for you. However I see no reason why you could not do a DMP (which may well be most appropriate anyway) as a DMP is legally just an informal agreement with your creditors.